Translation: Original published in Finnish on 7/20/2026 at 8:00 am EEST.

Enento grew in Q2 in line with our expectations, but operative profitability exceeded our forecast. The operating environment shows no significant changes from before, and regulatory risks appear to be under control. The guidance was refined, which added more clarity to our expected earnings growth outlook for the current year. Given the positive business trend, we believe the stock's valuation remains attractive and the risk/reward ratio is favorable. We reiterate our target price of EUR 17.0 and Accumulate recommendation. 

Growth in line with expectations and better-than-expected operating profitability

Enento's Q2 revenue grew by 3.3% (2.6% on a comparable basis) to 39.9 MEUR, which was well in line with our estimate. Geographically, the development was also largely in line with our forecasts. Finland grew by 1.7%, Sweden by 3.6%, and Norway-Denmark by 2.5% on a comparable basis. The positive aspect of the rapid growth in Sweden was that the demand for consumer credit information services continued to recover after difficult years, which is also reflected in the earnings through a better sales mix. Enento's adjusted Q2 EBIT improved to 11.6 MEUR (Q2'25: 10.2 MEUR), slightly exceeding our forecast (11.0 MEUR). The change negotiations carried out by the company had only a limited impact on Q2, with a clearer impact visible in H2. The company eliminated 36 positions and made 27 role changes, and going forward, the company expects the number of full-time employees to remain below 350, lightening the cost structure. The operationally strong earnings performance was, as expected, overshadowed by significant non-recurring items related to change negotiations (-3.2 MEUR) and the Emailer divestment (-4.2 MEUR), which resulted in reported EBIT of 1.7 MEUR, slightly below our forecast of 1.9 MEUR.

Guidance specified, just small estimate revisions

Enento reiterated the first part of its guidance, according to which the company expects revenue to grow by 0-5% in comparable currencies and adjusted EBITDA to increase. However, the company now expects adjusted EBITDA to grow faster than revenue. The specification was in line with our previous estimates, but it provided further confirmation of the scalability of this year's growth, the improvement in sales distribution, and the cost savings resulting from the change negotiations. There were no major changes in the company's macroeconomic outlook. The company sees development in Finland as more subdued, although corporate demand has picked up, and the overall outlook in Sweden is slightly better. On the regulatory front, the company does not expect the Swedish banking license directive to cause major changes, as the largest intermediaries have already applied for a license. Regarding CCD2, the company's comments were even more positive than before, as it could potentially grow the credit information market, although there is still market-specific uncertainty regarding the implementation of the regulation.

Our earnings forecasts for the coming years remained almost unchanged, with Q2 developing as we expected. We now expect this year's revenue to grow by just under 4% to 158.5 MEUR and adjusted EBITDA to reach 57.5 MEUR (2025: 52.4 MEUR).

Staying on board

The Q2 report confirmed Enento's earnings growth outlook for this year, and several drivers support the profitability outlook for next year as well. The company's business trend is currently strong, and a macroeconomic recovery could further accelerate the earnings growth outlook. In this context, we believe the stock's valuation is at a very moderate level, with adjusted EV/EBIT ratios for 2026-2027 at 10.5x-10x and corresponding adjusted P/E ratios at 13x-11x. We consider the risk/reward ratio to be attractive at the current valuation. Investors should note that a significant portion of the expected return consists of a dividend of nearly 7%.